Vantage Viewpoint

Mobile wallet could be the future of in-store retail

June 18, 2013

The retail experience has already been changed by mobile devices. It is not uncommon to see a shopper pull out his or her smartphone or tablet to check for sales or compare prices on a product prior to buying it. As the technology advances, however, the impact the gadgets could have is skyrocketing.

According to Leroyer, how mobility will affect the retail experience is already starting to be felt. The mobile wallet will be the first step toward larger adoption of NFC and proximity payments. These, however, still need hardware options to be on the market to help build the customer experience. For that to happen, companies like Apple, Microsoft and Samsung need to incorporate the technology into their popular smartphones.

"This is where the onus starts to fall on the retailers to begin carving out their own a mobile presence," Leroyer wrote. "Doing so will help them manage their customer relationships and deliver better in-store shopping experiences that are relevant to each consumers' individual interactions with a brand. The more value retailers can add to their mobile wallets, the more consumers are going to use them and ultimately, shop at the store."

Businesses should start looking into ways that they can incorporate mobile commerce solutions now, instead of trying to play catch-up when it becomes a mainstream payment option. This can be done easily with the help of a payment solution provider.